Gold Coast one of Queensland’s most expensive property markets

The Gold Coast is Queensland’s third most expensive place to buy property.

The Gold Coast is one of Queensland’s most expensive places to buy property following steady price growth over the past year.

The city’s median house price hit a new high of $625,500 after recording 1.4 per cent growth in the 12 months to December 2018, according to the latest Real Estate Institute of Queensland Market Monitor, released today.

The jump of about $8500 is bucking the trend set by the cooling markets across most of Australia.

However, in comparison to the 3.8 per cent growth the Gold Coast notched in the 12 months to September, it’s only a slight increase.

Sitting behind Brisbane ($675,000) and first-placed Noosa ($739,500), the Gold Coast’s annual median house price was the third highest in the state.

The city’s median house price has hit a new high of $625,500.

REIQ CEO Antonia Mercorella said despite the positives, rising days on market and increased vendor discounting for houses were challenges the Gold Coast faced.

“The outlook for the house market is one of steady consolidation … which can be viewed as positive given reported property price falls in other major Australian cities,” Ms Mercorella said.

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The Gold Coast’s unit prices also came in third despite the annual median price falling 1.2 per cent to $430,000 — a drop of $5000.

The most expensive unit markets were Currumbin, Main Beach, Hollywell, Bilinga and Benowa where the median unit price was higher than $690,000.

Kollosche director Michael Kollosche said it was no surprise Gold Coast was high on the list.

“With the population growth in the area and public spending on infrastructure, the Gold Coast is a destination and the city has really matured,” he said.

“We still represent really good value in comparison to southern states and offer a lifestyle that is hard to beat anywhere else in Australia, let alone the world.”

The median unit price has dropped by 1.2 per cent to $430,000.

REIQ Gold Coast zone chair Andrew Henderson said the Coast welcomed all new residents unlike Noosa, which had a population cap.

“Being third gives us more opportunity to attract people to come and live here,” he said.

“We are growing and have plenty of new developments, which helps jobs and gives people choice on the property they purchase.

“We are definitely not locking the gates.”

The report also showed the Glitter Strip had 10 suburbs in the million-dollar club, based on the quarterly median house price to December.